Orascom Development Holding AG: has released its consolidated financial
results for Q1 2024

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: has released its consolidated financial
results for Q1 2024

21-May-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

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Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding ("ODH") (SIX ODHN.SW) has released its
consolidated financial results for Q1 2024.

During Q1 2024, ODH achieved a strong performance, with real estate sales of
CHF 256.7 million, up by 143.1%. Total revenues increased by 15.7% to CHF
151.5 million despite the challenging business environment.

Key Highlights of Q1 2024

* Total revenues went up by 15.7% to CHF 151.5 million.

* Adj. EBITDA increased by 19.9% to CHF 44.0 million, with a 29.0% margin.

* Adjusted net profit of CHF 26.7 million, up 3.1% vs. Q1 2023.

  * Net real estate sales grew by 143.1% to CHF 256.7 million, the highest
    Q1 sales figure in ODH's history.

  * Cash flow from operations back to green to CHF 42.4 million, signaling
    our operational excellence.

Altdorf, 21 May 2024 - Despite the challenges posed by the ongoing war in
Gaza, geopolitical tensions in the Middle East, and the economic backdrop in
Egypt, ODH has demonstrated a solid operational and financial performance in
Q1 2024. This is a testament to the strength of our diversified business
model, which has enabled the core underlying business to weather the storm
and deliver a robust performance. Our prudent cost management has also
supported our strong operational performance, which has helped mitigate the
impact of the challenging economic conditions in Egypt. We have also
maintained a robust balance sheet, with healthy liquidity and strong cash
flows, which places us in an excellent position to pursue future growth
opportunities.

Financial Review

Q1 2024:

Despite the unprecedented economic environment and increased global
volatility, ODH achieved a solid performance in Q1 2024. Total revenues
during Q1 2024 were up by 15.7% to CHF 151.5 million. Gross profit increased
by 9.0% in Q1 2024 to CHF 46.2 million; however, gross profit margin saw a
slight squeeze to 30.5% (Q1 2023: 32.4%), given the growing pressure of
material costs caused by the inflationary environment we are facing. The
boost in revenues and gross profit resulted from the acceleration of our
construction activities, with real estate revenues reaching CHF 87.4
million, an increase of 13.8% vs. Q1 2023, and the enhanced business
performance of our recurring income segments, up 18.5% to CHF 64.1 million
in Q1 2024.

ODH's Adj. EBITDA increased by 19.9% to CHF 44.0 million in Q1 2024, with a
margin of 29.0%, signaling our operational excellence. General and
administrative expenses decreased by 7.1% to CHF 9.1 million in Q1 2024.
Other gains and losses reported a loss of CHF 62.4 million in Q1 2024,
mainly due to a one-off FX translation loss related to the devaluation of
the EGP against foreign currencies. ODH's share of associates reported a
loss of CHF 1.2 million vs CHF 7.6 million in Q1 2023. The lower performance
of the company's share in Andermatt Swiss Alps drove performance, resulting
in a loss of CHF 1.7 million in Q1 2024 vs a profit of CHF 7.3 million in Q1
2023, which included one-off transactions. Finance costs increased by 66.0%
to CHF 17.6 million due to the increase in interest rates. Adjusted net
income excluding one-offs (including forex losses or gains and
non-operational one-off transactions) reached CHF 26.7 million in Q1 2024,
up 3.1% (Q1 2023: CHF 25.9 million). Including the one-offs, the company
reported a net loss of CHF 35.7 million compared to a net profit of CHF 10.5
million in Q1 2023, mainly due to the devaluation of the EGP, which incurred
the company FX loss of CHF 56.9 million during the quarter.

Group Real Estate: Our real estate business has achieved stellar financial
and operational results, with net real estate sales up 143.1% to CHF 256.7
million

In Q1 2024, net real estate sales were up by 143.1% to CHF 256.7 million
compared to Q1 2023. This noteworthy growth trend reflects the industry's
steadfastness and resilience in navigating the challenges of prevailing
market conditions. The remarkable increase in net sales indicates the
industry's adaptability and ability to thrive under adverse circumstances,
and it presents a positive outlook for the future of the real estate sector.
The Egyptian subsidiary's net real estate sales performance significantly
improved during Q1 2024 when measured in EGP. Though this operational
enhancement wasn't fully reflected in ODH's value of contracted units when
translated into CHF, it is worth noting that ODE's net real estate sales
have increased by approximately 218.3% compared to Q1 2023 when measured in
local currency to reach EGP 8.8 billion. The increase in sales across all
destinations was accomplished by an increase in average selling prices and
the number of units sold, which rose by 111.6% to 696 units compared to Q1
2023.

Real estate revenues experienced an increase of 13.8%, reaching CHF 87.4
million in Q1 2024-additionally, the adj. EBITDA increased by 8.8% to CHF
32.1 million during the same period. The total deferred revenue from real
estate, which is yet to be recognized, increased by 10.4% to CHF 681.4
million, providing strong visibility on our real estate revenue across all
our destinations over the next 3-4 years.

Group Hotels: Despite the ongoing tension in the Middle East, our
hospitality segment exhibited a strong start with a 10.6% increase in
revenues, amounting to CHF 44.9 million

Despite the challenging global macro and geopolitical environment,
particularly in the Middle East, and the seasonality effect caused by the
holy month of Ramadan, our hotel segment has delivered a strong performance
in Q1 2024. Our hotels have generated revenues of CHF 44.9 million, a 10.6%
increase compared to Q1 2023. This revenue growth has pushed our GOP to CHF
10.3 million, a 1% increase from Q1 2023. This growth has been driven by our
hotels' ability to maintain good occupancy levels and improve our room rates
despite the ongoing challenges in the industry. Despite these challenges, we
have maintained a healthy margin and delivered strong financial results,
generating Adj. EBITDA of CHF 18.3 million, an increase of 32.6% and a
margin of 40.8% vs. 34.0% in Q1 2023. We have also invested in our
properties, including enhancing our facilities and upgrading our
technological infrastructure, to ensure we continue offering our guests the
best possible experience. We will continue to monitor the ongoing challenges
in the industry and adapt our strategies accordingly to ensure that we
continue to deliver strong financial results and exceptional customer
service.

Recurring income commercial assets: Revenues are up 42.2% to CHF 19.2
million, owing to the successful restructuring implementation and Adj.
EBITDA is up by 483.3% to CHF 3.5 million

The commercial assets segment plays a crucial role in financing the Group's
growth and shielding our operations against cyclical slowdowns caused by
unforeseeable events. Despite the impact of the Egyptian currency's
devaluation, the commercial assets segment continued to grow significantly.
Consequently, the Group secured more recurring revenue streams, resulting in
a 42.2% revenue increase to CHF 19.2 million in Q1 2024. With its consistent
growth, the commercial assets segment is expected to continue to provide a
stable source of cash flow, protecting the Group's operations from any
unforeseen economic slowdowns.

Details on Destinations

El Gouna, Red Sea:

New real estate sales grew by 232.7% to CHF 116.1 million in Q1 2024.
International sales represented 42% of total real estate sales during Q1 24
vs. 33% during Q1 23. We increased our real estate average selling price by
25.6% to CHF 4,572/sqm vs. Q1 2023. We have also witnessed a 170.7% uptick
in units sold, reaching 111 units vs. 41 in Q1 23. In EGP, net sales grew by
257.3% to EGP 4.1 billion, while average selling prices were up by 38.2% to
EGP 179,565/sqm. On the construction front, El Gouna intends to deliver 370
units in 2024. During Q1 2024, 86 units were delivered, and the remaining
units will be delivered as scheduled.

Looking at El Gouna's hospitality arm, El Gouna Hotels has continued to
thrive despite the challenging market environment caused by geopolitical
tensions and the seasonality effect caused by the holy month of Ramadan. El
Gouna hotel revenues increased by 11.5% to CHF 18.4 million, while in
Egyptian currency, total revenues have increased by 34.9%. Compared to last
year, our ARRs were up by 10.5% to CHF 84 per night. The occupancy rate for
Q1 2024 reached 63% (Q1 2023: 69%). Foreigners represented 94% of our total
hotel occupancy during Q1 2024. On the development side, we are progressing
with the construction process for adding 29 new rooms in Casa Cook El Gouna
Hotel by 2024. On the commercial assets side, we achieved an impressive
45.4% increase in revenue to CHF 15.7 million in Q1 2024. El Gouna's total
revenues were up 8.2% to CHF 71.3 million, while in local currency, total
revenues were up by 30.8%.

O West, Egypt:

O West recorded CHF 86.4 million in real estate sales during Q1 2024, a
growth of 154.9% vs. Q1 2023. The average selling price in Q1 2024 stood at
CHF 1,856/sqm, a growth of 9.0% compared to Q1 2023. Additionally, we
witnessed a 124% uptick in units sold, reaching 280 in Q1 24. In EGP, O West
has achieved an impressive 204.3% increase in net real estate sales,
reaching EGP 3.4 billion, with average selling prices up 30.0% to EGP
72,900/sqm. On the development front, the company plans to hand over more
than 1,000 units to clients in 2024. The construction of O West Club is
progressing steadily, and the club will become partially operational during
2024, providing O West with a steady, recurring income stream. In CHF, the
total revenues from O West increased by 42.9% to reach CHF 30.0 million.
Meanwhile, in EGP, total revenues increased by 72.4% compared to Q1 2023.

Hawana Salalah and Jebal Sifah, Oman:

Hawana Salalah destination has maintained a positive trend since last year.
Net real estate sales increased by 70.4%, reaching CHF 12.1 million, up from
CHF 7.1 million in Q1 2023. The number of units sold also increased by
33.3%, with 32 units sold. During Q1 2024, our real estate average selling
prices increased by 5.6% to CHF 2,316/sqm. The hotels in Hawana Salalah
maintained operational excellence, with occupancy rates reaching an
impressive 92% (Q1 23: 85%). In Q1 24, TRevPAR increased by 13.6%, reaching
CHF 170, and GOP PAR also increased by 15.9%, reaching CHF 87 vs. Q1 23.
Total revenues from Hawana Salalah hotels increased by 28.1% to CHF 18.7
million. Total revenues from Hawana Salalah increased by 16.2% to CHF 22.2
million.

The Jebal Sifah real estate sales experienced an impressive uptick during Q1
2024, with an 86.7% increase from CHF 4.5 million in Q1 2023 to CHF 8.4
million in Q1 2024. Our average selling prices during Q1 2024 reached CHF
2,115/sqm, and the number of contracted units increased by 141.7% compared
to Q1 2023, reaching 29 units sold. Total revenue for Jebel Sifah increased
by 10.3% to reach CHF 8.6 million in Q1 2024.

Lutica Bay, Montenegro:

Lutica Bay has started the year with a positive momentum operational and
financially. During Q1 2024, our net real estate sales displayed a growth
trend, an increase of 25.6% to CHF 11.3 million. Meanwhile, we sold 20
units, a 17.6% increase from the same period last year, and our real estate
average selling price increased to CHF 7,160/sqm, up 17.8% from Q1 2023. On
the construction side, we are making great strides in constructing 270 units
in the Centrale, Marina Village, and Golf Zone areas. Real estate revenues
increased by 2.9% to CHF 3.6 million in Q1 2024. As for our hospitality
side, The Chedi Hotel, a summer-only destination, reported a 20.0% increase
in revenues to reach CHF 0.6 million in Q1 2024, driven by the increase in
occupancy, which increased by six basis points to 16%. Total revenues from
Lutica Bay have increased by 4.4% to CHF 4.7 million.

Makadi Heights, Egypt:

Makadi Heights achieved outstanding sales results in both Swiss Francs and
Egyptian Pounds. During Q1 2024, real estate sales in Swiss Francs increased
by 118.8%, reaching CHF 32.6 million. This remarkable surge in sales can be
attributed to the average selling price increase of 20.1% to CHF 1,502/sqm
in Q1 2024, in addition to a striking 107.7% increase in units sold to reach
216 units sold. Makadi Heights has set a target to deliver 500 units in
2024, and most of these units are expected to be completed early due to the
destination's accelerated construction efforts. The total revenue from
Makadi Heights was up by 116.0%, recording CHF 5.4 million in Q1 2024.
However, in EGP, revenues were up by 172.8% compared to Q1 2023.

Presentation:

The associated financial statements and presentation can be found under the
IR section of Orascom Developments' website under the following links:

https://www.orascomdh.com/investor-relations

Telephone conference today at 3:00 CET (Zurich Time):

Orascom Development invites you to its Q1 2024 results conference call on 21
May 2024 at 3:00 PM CET (Zurich Time). Chief Executive Officer Omar El
Hamamsy, Chief Financial Officer Ashraf Nessim, and Group Director of
Investor Relations Ahmed Abou El Ella will present Q1 2024 results and will
be available to answer questions. Registration is not required.

Dial-in details are as follows:

Click here for the webinar link

Event number: 994 8958 8504

Event password: 928564

A call recording will be available after the call

Contact for Investors:

Ahmed Abou El Ella

Director of Investor Relations

Tel: +20 224 61 89 61

mobile: +20 122129 5555

Email: ir@orascomdh.com

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated
towns, including hotels, private villas, apartments, leisure facilities such
as golf courses, marinas, and supporting infrastructure. Orascom Development
Holding's diversified portfolio is spread over seven jurisdictions (Egypt,
UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The
group currently operates ten destinations: five in Egypt (El Gouna, Taba
Heights, Makadi Heights, O West, and Byoum), The Cove in the United Arab
Emirates, Jebel Sifah and Hawana Salalah in Oman, Lutica Bay in Montenegro,
and West Carclaze Garden Village in the United Kingdom. The shares of ODH
are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.

Contact for Investors:

Ahmed Abou El Ella

Director of Investor Relations

Tel: +20 224 61 89 61

Mobile: +20 122129 5555

Email: ir@orascomdh.com

Disclaimer

This press release may contain forward-looking statements based on current
assumptions and forecasts of ODH management. Known and unknown risks,
uncertainties, and other factors could lead to material differences between
any forward-looking statements made here and the actual development,
particularly ODH's results, financial situation, and performance. ODH
accepts no responsibility for updating or adapting forward-looking
statements to future events or developments.


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End of Inside Information

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   Language:       English
   Company:        Orascom Development Holding AG
                   Gotthardstraße 12
                   6460 Altdorf
                   Switzerland
   Phone:          +41 41 874 17 17
   Fax:            +41 41 874 17 07
   E-mail:         ir@orascomdh.com
   Internet:       www.orascomdh.com
   ISIN:           CH0038285679
   Valor:          A0NJ37
   Listed:         SIX Swiss Exchange
   EQS News ID:    1906999

End of Announcement EQS News Service
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1906999 21-May-2024 CET/CEST